PAI Partners, Pamplona Capital Management and Platinum
Equity have emerged as the only bidders left in the second round
of an auction, with a late February deadline, the sources said.

The company, which bottles drinks for grocers like Tesco
and brands like Del Monte and Innocent Smoothies,
expects to fetch a multiple of seven to eight times its core
earnings of around 200 million euros, one of the sources said.

Its adviser JPMorgan aims to wrap up the process in
around a month, two of the sources said.

A spokesman for PAI declined to comment while
representatives at Refresco Gerber, Pamplona and Platinum were
not immediately available for comment. A spokeswoman for
JPMorgan declined to comment.
($1 = 0.8636 euros)
(Additional reporting by Anjuli Davies and Freya Berry; editing
by Susan Thomas)